Mumbai: Haryana-based integrated solar pump manufacturer Oswal Pumps Ltd’s IPO was oversubscribed 34.14 times, showing massive interest from retail and institutional investors. The company raised Rs.1.387.34 cr with a 1.45 cr fresh issue of equity shares worth Rs.890 cr and 81 lakh Offer For Sale (OFS) shares worth Rs.497.34 crore.
The Qualified Institutional Buyers (QIBs) quota was oversubscribed 88.08 times, while the Non-Institutional Investors (NIIs) quota saw bids for more than 36.70 times their allocated quota. The retail investor segment saw an oversubscription of 3.6 times its quota. Overall, the company received bids for 55.80 crore equity shares as against 2.26 crore shares on offer.
The Grey Market Premium (GMP) for this issue jumped to Rs. 60 per share from Rs. 56 per share on Monday when the issue opened, indicating a strong willingness among investors to subscribe to the issue.
The IPO opened on June 13 and closed on June 17, with the share allotment scheduled for today. The price band was between Rs. 584 and Rs. 614 per share, with a minimum investment amount of Rs. 14,736. Investors can check their allocation status here.
Oswal Pumps is one of India’s leading pump manufacturers with a pan-India distribution network. It aims to use this fresh issue to expand its production capacity, invest in R&D and meet working capital needs.
The company has a strong balance sheet with a consistent CAGR revenue growth of 44%. It has an order book of Rs.1,100 crore with an additional Rs.3,200 crore orders in the pipeline.
